Question
WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares.
WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On September 30, he gave 20 shares to his brother and 35 shares to his daughter. WRT's ordinary income for the year was $212,000. Required: What portion of this income must each shareholder include in income? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.) Amount Brother's income $ 10,687 Daughter's income $ 18,702 Mr. Wallace's income
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Get StartedRecommended Textbook for
Principles Of Taxation For Business And Investment Planning 2016 Edition
Authors: Sally Jones, Shelley Rhoades Catanach
19th Edition
1259549259, 978-1259618536, 1259618536, 978-1259549250
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